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tommartella1 | I have a credit card on my fathers account .is my credit score being affected since it is his account? |
the visa credit card is in my name, but the credit card number is the same as is my fathers credit card, when the statement comes in every month it is only in my fathers name. whether he pays it on time or not is it effecting my credit score or does it have no bearing on my credit history? |
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JAY
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NO |
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Faye H
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My son has a credit card with his name on it but it's my account. He's in college. The bill comes to me and I pay it.
We pulled his credit report last summer and that card is on his report. It shows him as an authorized user and all payments are on time, etc. The exact same stuff as it shows on my report. The only difference is his shows authorized user and mine shows the account holder.
In his case, it apparently has HELPED his credit score because the two credit cards of mine that he is authorized to use are the only two things reported on his report and he has a fairly high score for a college kid that has never taken out a loan or credit card on his own in his life. |
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teenriodoll
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The answer to this question is more sophisticated that you may realize. First of all, it does sound as if the credit card is an authorized user. So the question is can this be reported on the account of the authorized user? That depends on two issues. FIrst there is NO federal law that prevents the reporting of authorized users. Until the passage of the 1997 FCRA reform and the 2003 FACTA law legally if an primary account holder filed for bankruptcy or defaulted on the debt then (since no federal laws covered this) the answer would be in state law or the credit card agreement. So the next question is?:
What state has authority over this Visa card? Is it South Dakota, Delaware, Virginia? Traditionally, credit cards issuers have maintained in the credit card agreement (i know it was only signed by the account holder but follow the logic here) that if there was no federal law (FACTA covers identity theft) and no state law (South Dakota's laws are very broad essentially saying any dispute not covered by law then defaults to the credit card agreement) then the credit card agreement would hold.
You need to read your father's credit card agreement. It will specify what state has controlling interest in disputes. You could live in California but be under Delaware's pro business, pro credit card rules, etc. In South Dakota where CItibank Visa and Citibank MasterCards are issued there is language to the following extent. "Where there is no federal law or state law then the credit card agreement will control any disputes. The bank will first look to payment from the account holder or co-account holders but may also look to any authorized users. We also will report credit history on any account holder, co-account holder or authorized user." Legally, they can report. There is a good side to this and a bad aspect. If you are trying to build credit, this is the way to get great credit fast by being an authorized user of someone who has good payment history. Conversely, if the authorized user does not pay, then legally it could be reported to the credit bureaus negatively which will impact your credit scores.
You may also want to check your states financial institutions bureau or state corporation commission (whomever regulates financial companies like credit card issuers) to see what they say on the matter and do the same in the issuing state.
Good Luck |
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JD_in_FL
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If it is a joint account, then both you and your father's credit is affected. If you are only an authorized user, then maybe it is reported on your credit, maybe not. That is up to the bank that owns the card.
The best thing to do is to pull copies of all three credit reports: Experian, Equifax and Trans Union, and see if the card is on your report. Also, ask your father to check his report and see if the card is on his report with "Responsibilty" listed as "individual" (only him) or "Joint with <your name>". That will also tell you if your credit report is affected. |
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SPIFIMAN1
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teenrioda is the only one that has answered this question correctly.
The rest of you do not know what you are talking about.
You go girl. |
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nesmithbr
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Evidently, you father simply requested a second card on his account for you to use. No, your credit score is not being affected by his late payments. In order for that to be the case, you would have to personally apply for a card using your Social Security Number and other information,
Hope this helps! |
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Heidi
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From the information you gave, it sounds to me like the account itself is in your father's name and you are simply an authorized user. If so, his payment record has no bearing on your credit score. The account would be tied to his social and only reported on his report. |
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Carlos Cruz
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Your credit score will be affected only if the payments are NOT made on time. As an 'authorized user' on the card you only get the negative results on your credit and not the positives.
As with any type of credit, your goal is to maintain your payments so you can build good positive credit.
I don't know why you are not the primary card holder. Maybe you do not have income or have bad credit already.
In any event, if you can at all get the card in your name ONLY, try do so as this will benefit your positive credit record.
As it stands now, your father is gaining all the benefits of a positive credit rating if the payments are being made on time.
Having a credit card or a line of credit comes with it a great responsibility. It is very important that you are very aware of your income and what amount of credit you can afford.
Your credit score will not only have an affect on the amount of credit you will have but may also have an affect on your future employment opportunities and insurance. |
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TaxMaven
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The card HAS your name on it, it isn't IN your name. It should not affect your credit. If it does, you should protest it. However, credit card collectors are bottomfeeding scum, so if your dad becomes a deadbeat, they will most likely try to collect from you. Do not let them convince you that you owe it (unless you ACTUALLY SIGNED THE CARDHOLDER AGREEMENT).
Btw, credit cards are dumb. Wanna know why? See the website below. It has revolutionized my life. I no longer use any form of credit. I don't need to b/c I now know how to manage my money. |
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